The 10th Philippine Business and Entrepreneurs Expo 2019 Set

The Growing Business and Entrepreneurs in the Philippines

Despite the high inflation rate, the Philippine
Business and Entrepreneurs remain bullish.

In the Philippines, SMEs are defined as any enterprise with
10 to 199 employees and/or assets valued from P3 million to P100 million. SMEs
and micro enterprises combined make up 99.6% of establishments in the country (Rappler).

The
2016 List of Establishments of the Philippine Statistics Authority (PSA)
recorded a total of 915,726 business enterprises operating in the Philippines.
This was 1.64% more than the 900,914 business establishments reported in 2015.
Micro, small and medium enterprises (MSMEs) account for 99.57% (911,768) of the
total establishments, of which 89.63% (820,795) were microenterprises, 9.50%
(86,955) were small enterprises, and 0.44% (4,018) were medium enterprises.
Large enterprises made up the remaining 0.43% (3,958) (DTI).

The
increase of Small and Medium Enterprises in the country is noticeable. As technology
platforms are contributing to the fast growth and birth of new entrepreneurs.

Online and Offline

The increased of online users in the country pushed the
business to establish their online presence.

SMEs followed this practice. As some SMEs are now generating
sales from their online activities.

However, the recent National Retailers Conference and Expo
revealed that companies must combine online and offline strategies.

The Offline Strategies pertain to traditional media and
other promotion mix available.

The online and offline strategy assures that the Integrated
Marketing Communication are implemented in the companies, more so with SMEs who
needs more human interaction with clients to gain wider awareness.